Nikkei falls on growth woes

Japan share market declined on Wednesday, 23 July 2014, on concerns about domestic economic growth after the government cut its fiscal year growth forecast. The benchmark Nikkei 225 index slipped 0.1%, or 14.72 points, to 15,328.56, while the Topix index of all first-section issues edged down 0.07%, or 0.88 points, to 1,272.39. The Cabinet Office revised down growth forecast for the world's number three economy to 1.2% in the year to March, compared with a previous estimate of 1.4%, blaming weak exports and rising imports as well as the impact of April's sales tax hike on consumer spending and business confidence. The announcement comes a week after the Bank of Japan also lowered its outlook to 1% from an earlier 1.1%.

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